June 10 (Bloomberg) -- American companies are more reliant
on China than at any time during the past decade as allegations
of hacking and cyberspying threaten to disrupt business between
the two nations.

The CHART OF THE DAY shows Intel Corp., Yum! Brands Inc.
and 35 other companies in the Standard & Poor’s 500 Index get
about 18 percent of sales from Asia’s biggest economy, the most
since 2005, when Bloomberg began compiling financial filings
from companies that disclosed any revenue breakdown from China.
While warnings from the nation about potential retaliations have
increased in the past three weeks, these stocks rose an average
4.7 percent, compared with a 3.5 percent gain in the S&P 500.

The performance shows that equity investors consider the
political brinkmanship between the two governments not
significant enough to drag down shares, said E. William Stone,
chief investment strategist of PNC Wealth Management. Trade
between the two countries last year topped $562 billion and only
Canada did more commerce with the U.S. China is the largest U.S.
creditor, holding $1.3 trillion in Treasury securities.

“We’re in a relationship, a very deep one,” Stone said in
a June 6 phone interview from Philadelphia. His firm manages
about $130 billion. “You want to believe that actually prevails
in the long run despite the kind of rhetoric.”

The Chinese government has contacted banks in China as part
of a review of their use of International Business Machines
Corp. technology, people familiar with the matter said last
month. The U.S. Justice Department charged five Chinese military
officials May 19 for allegedly hacking into the computers of
American companies and stealing trade secrets.

Media Criticism

The nation’s state-run media stepped up criticism last
week. Apple Inc., Microsoft Corp., Google Inc. and Facebook Inc.
cooperated in a secret U.S. program to monitor China, said a
commentary on the microblog of the People’s Daily newspaper.
China Central Television, the national broadcaster, said a
provincial government was told not to buy computers with
Microsoft’s Windows 8.

Intel, the largest maker of computer chips, got 19 percent
of its revenue from China last year, data compiled by Bloomberg
show. Yum, owner the KFC and Pizza Hut chains, relied on China
for more than 50 percent of its revenue. While IBM doesn’t break
out sales figures by country, 14 percent of its 2013 revenue of
$99.8 billion came from the Asia-Pacific region excluding Japan,
the data show. Other U.S. companies getting more than 10 percent
of their sales from China include Mead Johnson Nutrition Co.,
Apple and Boeing Co.